Democrats aren’t known for tax breaks. And if elected in November, former Vice President Joe Biden plans to roll back the Trump tax cuts.
Speaking to supporters on a fundraising conference call, Fox Business Network reported that Biden told them. “I’m going to get rid of the bulk of Trump’s $2 trillion tax cut.”
“And a lot of you may not like that but I’m going to close loopholes like capital gains and stepped-up basis,” he continued.
Biden also plans to raise the corporate tax rate from 21 percent to 28 percent. He estimates that would raise taxes by $1.3 trillion over the next decade, according to FBN.
The former VP believes the tax cuts were also detrimental to pandemic relief.
“We have to think as big as the challenge we face. But this is America, there is nothing we cannot do if we do it together,” Biden said, according to CNBC. “But I think the country is ready.”